Daily Speculations

The Web Site of Victor Niederhoffer & Laurel Kenner

Dedicated to the scientific method, free markets, deflating ballyhoo, creating value, and laughter;  a forum for us to use our meager abilities to make the world of specinvestments a better place.



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Greg Bolloten


I am currently reading Josephus Flavius, having just returned from a trip to Israel. One thing that is repeatedly mentioned with reference to the fall of kings is that they became proud or arrogant, and forgot that their success was the result of God's intervention and not of their own making.

While I do not believe that the success of these kings had much to do with God, it is interesting that the lesson of the cause of their downfall is repeated over and over throughout the scriptures and is recorded as the cause of the downfall of a large number, if not a majority, of the kings of Israel and Judah. It has significance for us as speculators in that we must not become so proud or arrogant that we forget our place in the market.

No matter how proficient we become, or how much success we have achieved, we must never forget that we are a participant in the market and not it's master. We cannot lose our sensibilities, or our respect for the power it possesses to destroy even the brightest and most powerful of men. To avoid the same fate as the kings of Israel, we must perpetually remain vigilant and alert, cautious and unprideful.

Read a Greg Bolloten tale about Bars of Silver in the Car Trunk>>>